Commercial Real Estate Services

GROUP, GROUP, INC. INC. Global Global Market Market Leader Leader in in Integrated Integrated Commercial Real Estate Services JUNE 2016 JUNE 2016

FORWARD-LOOKING STATEMENTS This presentation contains statements that are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995. These include statements regarding s future growth momentum, operations, market share, business outlook, and financial expectations. These statements are estimates only and actual results may ultimately differ from them. Except to the extent required by applicable securities laws, we undertake no obligation to update or publicly revise any of the forward-looking statements that you may hear today. Please refer to our first quarter earnings report, on Form 8-K, our most recent quarterly report filed on Form 10-Q and our most recent annual report filed on Form 10-K, in particular any discussion of risk factors or forward-looking statements, which are filed with the SEC and available at the SEC s website (www.sec.gov), for a full discussion of the risks and other factors that may impact any forward-looking statements that you may hear today. We may make certain statements during the course of this presentation, which include references to non-gaap financial measures, as defined by SEC regulations. Where required by these regulations, we have provided reconciliations of these measures to what we believe are the most directly comparable GAAP measures, which are attached hereto within the appendix. 2

THE GLOBAL MARKET LEADER is the premier global provider of integrated services to commercial real estate investors and occupiers GLOBAL LEADERSHIP WITH BROAD CAPABILITIES #1 Leasing #1 Property Sales #1 Outsourcing #1 Appraisal & Valuation SCALE AND DIVERSITY 460+ offices in over 60 countries 2 Serves over 90% of the Fortune 100 $311 billion of sales and lease activity and 87,000+ transactions in 2015 5.2 billion square feet under management 3 $89.7 billion AUM Investment Management 1 See slide 30 for footnotes 3

THE LEADING GLOBAL BRAND is recognized as the foremost commercial real estate authority Barron s 500 One of only two companies to be ranked in the top 12 of the Barron s 500 in each of the past three years (2014-2016). Forbes Named America s 15th Best Employer (out of 500 companies) Fortune Ranked among the Most Admired Companies for four consecutive years Fortune 500 International Association of Outsourcing Professionals S&P 500 The Lipsey Company Euromoney Ethisphere CDP s Climate Disclosure Leadership Index Fortune 500 company since 2008; ranked #259 in 2016 Ranked among the top few outsourcing service providers across all industries for five consecutive years S&P 500 company since 2006 Ranked #1 brand for 15 consecutive years Global Real Estate Advisor of the Year four years in a row Named a World s Most Ethical Company three years in a row Top 10% of all S&P 500 companies 4

SERVES INVESTORS AND OCCUPIERS s integrated, best-in-class offering creates value for clients at every stage of the life cycle 5

TRACK RECORD OF LONG-TERM GROWTH From 2003 to TTM Q1 2016: 16% Revenue CAGR 18% Normalized EBITDA 1 CAGR From Q1 2015 to Q1 2016: Revenue up 39% Adjusted EPS 2 up 13% (25% excluding currency hedges) 3 See slide 30 for footnotes 6

POSITIONED FOR LONG-TERM GROWTH leads a sector with strong underlying growth dynamics Consolidation Leasing and capital markets services continue to consolidate but remain highly fragmented Outsourcing Recurring contractual revenues Still in early stage of penetration with occupiers Contributes to largely recurring leasing revenues Strategic Position Closed acquisition of Global Workplace Solutions on September 1, 2015 has market leading global depth and capability 7

KEY STRATEGIC PRIORITIES Capitalize on our unique leadership position to widen our competitive advantages in the marketplace Continue to: Drive market share gains in our core leasing and capital markets businesses with leadership and innovation Enrich our operating platform (Technology & Data Enablement, Research, Marketing, Workplace Strategy, etc.) to support long-term growth Acquire the leading companies in our sector that enhance our ability to serve clients Enhance depth and breadth of our Occupier Outsourcing business 8

MERGERS & ACQUISITIONS STRATEGY Over 100 acquisitions since 2005 Transactions generally fall into two categories: Strategic in-fill acquisitions sourced principally by lines of business Larger, transformational transactions driven by macro strategy On September 1, 2015, acquired Global Workplace Solutions from Johnson Controls, Inc. $1.475 billion purchase price ($1.3 billion net of the present value of expected tax benefits 1 ) Approximately 7.3x multiple 2 of net purchase price to 2014 calendar year adjusted EBITDA including expected run-rate synergies of $50 million Materially completed client-facing integration activities at end of Q1 2016 Completed over 30 acquisitions since 2013 See slide 30 for footnotes 9

FEE REVENUE MIX (FY 2006 VERSUS TTM Q1 2016) GWS acquisition solidifies a more stable, resilient long-term growth-oriented revenue and earnings profile $ in millions (%) share of total fee revenue Total Fee Revenue 4 : $8,091 Other 1 Capital Markets 2 $2,199 (27%) Total Fee Revenue 4 : $3,742 Other 1 Capital Markets 2 $1,403 (37%) Leasing $2,592 (32%) 71% of total fee revenue 5 61% of total fee revenue 5 Leasing $1,479 (40%) Contractual Sources 3 $798 (21%) Contractual Sources 3 $3,165 (39%) 2006 TTM Q1 2016 Note TTM Q1 2016 includes GWS acquired revenue starting September 1, 2015. See slide 30 for footnotes 10

Q1 2016 REVENUE Contractual revenue & leasing, which is largely recurring 1, is 74% of fee revenue Revenue ($ in millions) Contractual Revenue Sources Leasing Capital Markets Other Occupier Outsourcing 2 Property Management 2 Investment Management Valuation Leasing Sales Commercial Mortgage Services Development Services Other Total Gross Revenue Q1 2016 $ 1,413 $ 251 $ 90 $ 110 $ 514 $ 330 $ 107 $ 15 $ 17 $ 2,847 Fee Revenue 3 Q1 2016 $ 516 $ 117 $ 90 $ 110 $ 514 $ 330 $ 107 $ 15 $ 17 $ 1,816 74% of total fee revenue % of Q1 2016 Total Fee Revenue 28% 7% 5% 6% 28% 18% 6% 1% 1% 100% Fee Revenue Growth Rate (Change Q1 2016-over-Q1 2015) USD 121% 1% -18% 2% 15% 7% 3% 45% -1% 25% Local Currency 127% 4% -15% 7% 18% 9% 3% 45% 1% 28% See slide 30 for footnotes 11

KEY TAKEAWAYS : Leads an industry with strong underlying growth dynamics Is well positioned to continue its track record of long-term growth Has developed into a balanced business with a more stable growth profile Is an investment grade company with significant liquidity Is continuing to extend its competitive advantage in the marketplace 12

BUSINESS LINE SLIDES

OCCUPIER OUTSOURCING Integrated Global Solutions for Occupiers HISTORICAL REVENUE 1 ($ in millions) $4,035 $2,794 $1,614 $1,419 $1,413 $695 2012 2013 2014 2015 2016 3 FULL SERVICE OFFERING Facilities Management approximately 2.3 billion square feet globally 2 Project Management Transaction Services Strategic Consulting Ranked among the top few outsourcing service providers across all industries for five consecutive years 4 YTD Q1 Q1 2016 TOTAL CONTRACTS REPRESENTATIVE CLIENTS New 50 Facilities Management Transaction Services Project Management Expansions 42 Renewals 20 See slide 31 for footnotes 14

PROPERTY MANAGEMENT Optimizing Building Operating Performance for Investors HISTORICAL REVENUE 1 ($ in millions) $920 $861 $825 $1,025 $252 $251 OVERVIEW Manages buildings for investors Highly synergistic with property leasing Manages approximately 2.9 billion square feet globally 2 300+ premier properties in major CBDs (approximately 450 million square feet) 2012 2013 2014 2015 2016 KEY STRATEGIC ACCOUNTS YTD Q1 See slide 31 for footnotes 15

INVESTMENT MANAGEMENT Performance Across Risk/Return Spectrum Globally CAPITAL RAISED 1 OVERVIEW ($ in billions) YTD Q1 $8.6 $7.0 $7.5 Performance-driven global real estate investment manager More than 500 institutional clients $3.7 $5.0 Equity to deploy: approx. $5,100 million 1,2 Co-Investment: $145.6 million 2 $1.3 $1.8 2012 2013 2014 2015 TTM Q1 2016 ($ in billions) 23% $20.9 33% $29.8 ASSETS UNDER MANAGEMENT (AUM) $89.7B AS OF 3/31/2016 16% $14.0 $20.9 23% 23% $20.9 44% $39.0 Funds Separate Accounts Securities See slide 31 for footnotes 16 $31.8 $2.1 36% 2% North America EMEA Asia Pacific Securities Global Investment Partners

APPRAISAL & VALUATION Serving Clients Globally HISTORICAL REVENUE ($ in millions) $461 $414 $385 $504 OVERVIEW 147,000+ assignments in 2015 Euromoney Global Valuation Advisor of the Year for four consecutive years Clients include lenders, life insurance companies, special servicers and REITs $108 $110 2012 2013 2014 2015 2016 PREMIER CLIENTS YTD Q1 17

LEASING Strategic Advisory and Execution HISTORICAL REVENUE ($ in millions) $2,524 $2,369 $2,052 $1,911 $447 $514 2012 2013 2014 2015 2016 YTD Q1 U.S. LEASING VOLUME 2015 U.S. Overall Volume - $76 billion OVERVIEW Advise occupiers and investors in formulating and executing leasing strategies Tailored service delivery by property type and industry/market specialization Strategic insight and high-level execution driving significant market share gains #1 global market position $104.4 billion lease volume in 2015 Office: $69.6 billion Retail: $18.9 billion Industrial: $14.2 billion Other: $ 1.7 billion 39% 61% Tenant Rep Landlord Rep 18

LEASING Largely Recurring Business With Increasing Market Share U.S. LEASING TRANSACTIONS # of Transactions 39,722 Asset Class $76.4B 2015 Transaction Value 2% 37,829 15% 12% 34,284 71% 2013 2014 2015 Retail Office Industrial Other 19

PROPERTY SALES Insight and Execution Across Markets & Property Types HISTORICAL REVENUE ($ in millions) YTD Q1 $1,696 $1,527 $1,290 $1,058 $309 $330 2012 2013 2014 2015 2016 INCREASED INSTITUTIONAL OWNERSHIP DRIVES SALES VELOCITY ($ billions of equity value) 1,600 1,200 OVERVIEW Strategic advisor (sellers and buyers) in commercial real estate #1 global market share, based on Real Capital Analytics 780 basis point advantage over #2 firm for full year 2015 #1 global market position $206.2 billion sales volume in 2015 Office: $83.7 billion Retail: $36.7 billion Multi-family: $36.6 billion Industrial: $27.9 billion Other: $21.3 billion 800 400 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Source: NAREIT, NCREIF, Preqin, and Goldman Sachs Research 20

PROPERTY SALES Highly Diverse Business Across Transaction Size and Asset Class U.S. SALES TRANSACTIONS Transaction Value $104.3B Asset Class (based on value) 3% 5% 14% 35% 28% 24% 36% 37% 18% Under $25M $100M+ $25-$100M Retail Industrial Land Office Multi-Housing Other 21

COMMERCIAL MORTGAGE SERVICES Premier Debt and Structured Finance Solutions HISTORICAL REVENUE ($ in millions) OVERVIEW Leading strategic advisor for debt and structured finance solutions $300 $312 $376 $480 Highly synergistic with property sales Key services: Loan origination / debt placement Portfolio loan sales $104 $107 2012 2013 2014 2015 2016 YTD Q1 RECENT TRANSACTIONS Loan servicing $39.6 billion of global mortgage activity in TTM Q1 2016 1 Commercial loan origination with government agencies 2 $12.2 billion in TTM Q1 2016 $134 billion loan servicing portfolio as of 3/31/16 United States United States United States Laurus Oasis at Waipahu GE Capital $85.6 Million $80.5 Million $2.3 Billion Acquisition Financing Acquisition Financing Loan Sale See slide 31 for footnotes 22

DEVELOPMENT SERVICES Trammell Crow Company - Premier Brand in U.S. PROJECTS IN PROCESS/PIPELINE 1 ($ in billions) In Process 3.6 3.1 4.0 2.1 1.5 6.7 7.1 4.2 4.9 5.4 2012 2013 2014 2015 Q1 2016 2 Pipeline 3 OVERVIEW Premier brand in U.S. development 65+ year record of excellence Partner with leading institutional capital sources $127.7 million of co-investment at the end of Q1 2016 $11.3 million in repayment guarantees on outstanding debt balances at the end of Q1 2016 RECENT PROJECTS Park District The Boardwalk McMillan The Brickyard Dallas, TX Mixed-Use Newport Beach, CA Office Washington, DC Healthcare Los Angeles, CA Industrial See slide 31 for footnotes 23

APPENDIX

NON-GAAP FINANCIAL MEASURES The following measures are considered non-gaap financial measures under SEC guidelines: (i) Fee revenue (ii) Net income attributable to Group, Inc., as adjusted (which we also refer to as adjusted net income ) (iii) Diluted income per share attributable to Group, Inc. shareholders, as adjusted (which we also refer to as adjusted earnings per share or adjusted EPS ) (iv) EBITDA and EBITDA, as adjusted (the latter of which we also refer to as Normalized EBITDA ) None of these measures is a recognized measurement under U.S. generally accepted accounting principles, or U.S. GAAP, and when analyzing our operating performance, readers should use them in addition to, and not as an alternative for, their most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. Because not all companies use identical calculations, our presentation of these measures may not be comparable to similarly titled measures of other companies. Our management generally uses these non-gaap financial measures to evaluate operating performance and for other discretionary purposes, and the Company believes that these measures provide a more complete understanding of ongoing operations, enhance comparability of current results to prior periods and may be useful for investors to analyze our financial performance because they eliminate the impact of selected charges that may obscure trends in the underlying performance of our business. The Company further uses certain of these measures, and believes that they are useful to investors, for purposes described below. With respect to fee revenue: The Company believes that investors may find this measure useful to analyze the financial performance of our Occupier Outsourcing and Property Management business lines and our business generally because it excludes costs reimbursable by clients and as such provides greater visibility into the underlying performance of our business. With respect to adjusted net income, adjusted EPS, EBITDA and Normalized EBITDA: The Company believes that investors may find these measures useful in evaluating our operating performance compared to that of other companies in our industry because their calculations generally eliminate the accounting effects of acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions, and in the case of EBITDA and Normalized EBITDA the effects of financings and income tax and the accounting effects of capital spending. All of these measures may vary for different companies for reasons unrelated to overall operating performance. In the case of EBITDA and Normalized EBITDA, these measures are not intended to be measures of free cash flow for our management s discretionary use because they do not consider cash requirements such as tax and debt service payments. The EBITDA and Normalized EBITDA measures calculated herein may also differ from the amounts calculated under similarly titled definitions in our credit facilities and debt instruments, which amounts are further adjusted to reflect certain other cash and non-cash charges and are used by us to determine compliance with financial covenants therein and our ability to engage in certain activities, such as incurring additional debt and making certain restricted payments. The Company also uses Normalized EBITDA and adjusted EPS as significant components when measuring our operating performance under our employee incentive compensation programs. 25

RECONCILIATION OF NORMALIZED EBITDA TO EBITDA TO NET INCOME (LOSS) Twelve Months Ended ($ in millions) March 31, 2016 December 31, 2003 Normalized EBITDA $ 1,448.7 $ 183.2 Adjustments: Integration and other costs related to acquisitions 62.9 13.6 Cost containment expenses 52.8 36.8 Carried interest incentive compensation expense 1 29.4 - EBITDA 1,303.6 132.8 Add: Interest income 5.5 3.8 Less: Depreciation and amortization 331.2 92.8 Interest expense 127.5 71.3 Loss on extinguishment of debt - 13.5 Provision for (benefit of) income taxes 314.0 (6.3) Net income (loss) attributable to Group, Inc. $ 536.4 $ (34.7) 1. began normalizing carried interest compensation expense in Q2 2013 in order to better match the timing of this expense with associated carried interest revenue. This expense has only been normalized for funds that incurred carried interest expense for the first time in Q2 2013 or in subsequent quarters. 26

RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE Three Months Ended March 31, ($ in millions, except per share amounts) 2016 2015 Net income attributable to Group, Inc. $ 82.2 $ 92.9 Amortization expense related to certain intangible assets attributable to acquisitions, 17.0 11.1 net of tax Integration and other costs related to acquisitions, net of tax 11.6 2.0 Cost containment expenses, net of tax 8.8 - Adjustment of taxes to normalized rate for the full year Carried-interest incentive compensation expense (reversal) to align with the timing of associated revenue, net of tax Write-off of financing costs on extinguished debt, net of tax 0.9-0.3 (1.6) - 1.6 Adjusted net income $ 120.8 $ 106.0 Adjusted diluted earnings per share $ 0.36 $ 0.32 Weighted average shares outstanding for diluted income per share 337,506,232 335,698,590 27

RECONCILIATION OF GROSS REVENUE TO FEE REVENUE Twelve Months Ended ($ in millions) March 31, 2016 December 31, 2006 Consolidated revenue $ 11,650.0 $ 4,032.0 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 3,558.7 289.7 Consolidated fee revenue $ 8,091.3 $ 3,742.3 28

RECONCILIATION OF GROSS REVENUE TO FEE REVENUE Three Months Ended March 31, ($ in millions) 2016 2015 Occupier Outsourcing revenue 1 $ 1,413.3 $ 694.9 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 897.3 461.6 Occupier Outsourcing fee revenue 1 $ 516.0 $ 233.3 Property Management revenue 1 $ 250.7 $ 252.4 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 133.3 135.8 Property Management fee revenue 1 $ 117.4 $ 116.6 Consolidated revenue $ 2,846.7 $ 2,052.5 Less: Client reimbursed costs largely associated with employees dedicated to client facilities and subcontracted vendor work performed for clients 1,030.6 597.4 Consolidated fee revenue $ 1,816.1 $ 1,455.1 1. Occupier Outsourcing and Property Management revenue excludes associated leasing and sales revenue, most of which is contractual. 29

FOOTNOTES NOTE: Local currency percent changes versus prior year are non-gaap financial measures noted on slides 6 and 11. These percent changes are calculated by comparing current year results versus prior year results, in each case at prior year exchange rates. Slide 3 1. Assets Under Management (AUM) as of March 31, 2016. 2. As of December 31, 2015, includes affiliates. 3. Property and Corporate Facilities under Management as of December 31, 2015; 7% of this square footage is managed by affiliates. Slide 6 1. Normalized EBITDA excludes (from EBITDA) certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue, cost containment expenses and integration and other costs related to acquisitions. 2. Adjusted EPS includes the impact of an adjusting provision for income taxes to a normalized rate and excludes amortization expense related to certain intangible assets attributable to acquisitions, the write-off of financing costs on extinguished debt, cost containment expenses, integration and other costs related to acquisitions, and adjusts certain carried interest incentive compensation expense (reversal) to align with the timing of associated revenue. 3. The 25% increase reflects the negative impact of marking currency hedges to market ($0.05) partially offset by $0.01 gain from other currency movement. Slide 9 1. The base purchase price was $1.475 billion in cash plus net adjustments for working capital and other items. Such net adjustments took into account approximately $45 million in cash acquired by in the acquisition. The purchase price has been subject to post-closing adjustments as outlined in the purchase agreement for the transaction. Deal costs are excluded from the purchase price. 2. Multiple based on GWS adjusted EBITDA as calculated by GWS (when owned by Johnson Controls) and using GWS s methodologies (when owned by Johnson Controls) as well as previously announced run-rate cost synergies of approximately $50 million, which are expected to be fully realized in 2017. Slide 10 1. Other includes Development Services (1% in both 2006 and TTM Q1 2016) and Other (1% in both 2006 and TTM Q1 2016). 2. Capital Markets includes Sales (33% in 2006 and 21% in TTM Q1 2016) and Commercial Mortgage Services (4% in 2006 and 6% in TTM Q1 2016). 3. Contractual Revenues include Occupier Outsourcing and Property Management (7% in 2006 and 27% in TTM Q1 2016; excludes associated sales and lease revenues, most of which are contractual), Global Investment Management (6% in both 2006 and TTM Q1 2016), and Valuation (8% in 2006 and 6% in TTM Q1 2016). 4. Fee Revenue is gross revenue less client reimbursed costs largely associated with our employees that are dedicated to client facilities and subcontracted vendor work performed for clients. 5. Contractual plus leasing revenues are 64% of 2006 GAAP revenue and 79% of TTM Q1 2016 GAAP revenue. Slide 11 1. We regard leasing revenue as largely recurring because unlike most other transaction businesses, leasing activity normally takes place when leases expire. The average lease expires in five to six years. This means that, on average, in a typical year approximately 17% to 20% of leases roll over and a new leasing decision must be made. When a lease expires in the ordinary course, we expect it to be renewed, extended or the tenant to vacate the space to lease another space in the market. In each instance, a transaction is completed. If there is a downturn in economic activity, some tenants may seek a short term lease extension, often a year, before making a longer term commitment. In this scenario, that delayed leasing activity tends to be stacked on top of the normal activity in the following year. Thus, we characterize leasing as largely recurring because we expect an expiration of a lease, in the ordinary course, to lead to an opportunity for a leasing commission from such completed transaction. 2. Occupier Outsourcing and Property Management revenue excludes associated leasing and sales revenue, most of which is contractual. 3. Fee revenue is gross revenue less both client reimbursed costs largely associated with employees that are dedicated to client facilities and subcontracted vendor work performed for clients. 30

FOOTNOTES Slide 14 1. Historical revenue for Occupier Outsourcing line of business (formerly Global Corporate Services or GCS, now called Global Workplace Solutions) excludes associated sales and leasing revenue, most of which is contractual. 2. As of December 31, 2015. 3. 2015 revenue includes four months of contribution from the Global Workplace Solutions business acquired on September 1, 2015. 4. Per International Association of Outsourcing Professionals (IAOP). Slide 15 1. Property Management (also known as Asset Services) revenue excludes associated sales and leasing revenue, most of which is contractual. 2. As of December 31, 2015; 13% of this square footage is managed by affiliates. Slide 16 1. Excludes global securities business. 2. As of March 31, 2016. Slide 22 1. Activity includes loan originations and loan sales. 2. As measured in dollar value loaned. Slide 23 1. As of December 31 for each year presented. 2. In Process figures include Long-Term Operating Assets (LTOA) of $0.1 billion for Q1 2016, $0.1 billion for Q4 2015, $0.3 billion for Q4 2014, $0.9 billion for Q4 2013 and $1.2 billion for Q4 2012. LTOA are projects that have achieved a stabilized level of occupancy or have been held 18-24 months following shell completion or acquisition. 3. Pipeline deals are those projects we are pursuing which we believe have a greater than 50% chance of closing or where land has been acquired and the projected construction start is more than twelve months out. 31